Environmental groups are claiming a significant victory in the campaign to save the global shark population, after the Peninsula hotel group said it would stop serving shark fin dishes from January.

Peninsula, one of Asia's most prestigious hotel chains, said on Monday it would no longer sell the dishes, considered a delicacy in Hong Kong and other parts of the region, "in recognition of the threat facing the global shark population and in line with the company's sustainability vision".

The move will affect the group's nine hotels, including those in China and Hong Kong, the center of the global shark fin market.

Hong Kong handles between 50% and 80% of the global trade in shark fins, bringing in catches from more than 100 countries, with Spain its biggest supplier. In 2006 it took delivery of more than 10,000 tonnes worth US$276m, according to the UN food and agricultural organisation.

Most is consumed in Hong Kong and Taiwan, but also in mainland provinces such as Guangdong, where its consumption has become a status symbol among China's nouveau riche.

Hong Kong and Shanghai Hotels, which owns the Peninsula group, said it would honour requests for shark fin soup made before 21 November, for consumption after 1 January.

The dish, which comprises pieces of rehydrated shark fin in a rich broth, is a popular staple at wedding parties and formal banquets, with a serving for 12 people costing around US$138.

In Hong Kong districts such as Sheung Wan, which specialises in dried seafood, premium shark fin can fetch up to US$1,280 per kilo. One Sheung Wan wholesaler recently told the Guardian, however, that the market price had dropped by about 20% in the past two months, partly as a result of the campaign.

"By removing shark fin from our menus, we hope that our decision can contribute to preserving the marine ecosystem for the world's future generations," the Peninsula group's chief executive, Clement Kwok, said in a statement.

"As Asia's oldest hotel company, we also hope that our decision will inspire other hospitality companies to do the same."

The push to remove the delicacy – prized more for its glutinous texture than for its taste – has gathered momentum after a slow start, according to World Wildlife Fund, which has seen 97 caterers and hotels sign up to its alternative shark-free menu in the past year.

According to Bloom, 66% of Hong Kong diners said they were uncomfortable with the idea of eating an endangered species, and more than three-quarters said they would not mind if it was removed from banquet menus.

The Peninsula announcement came as the European commission called for a global ban on shark finning – the practice of cutting off a shark's fin and throwing its body back into the sea – by EU fishermen. EU countries are responsible for about 14% – the second-largest share – of the global shark catch.